BOCA RATON, Fla., April 26, 2012 /PRNewswire/ -- (NASDAQ Global
Select: FUBC) - 1st United Bancorp, Inc. ("1st United")
reported net income of $780,000
($.03 earnings per share) for the
three months ended March 31, 2012,
compared to net income of $355,000
($.01 earnings per share) for the
three months ended March 31,
2011.
Highlights for the quarter ended March
31, 2012:
Financial Condition
- Total assets at March 31, 2012
were $1.40 billion, as compared to
approximately $1.42 billion at
December 31, 2011.
- Deposits were $1.165 billion at
March 31, 2012, as compared to
$1.182 billion at December 31, 2011. Non-interest bearing deposits
grew by $24.8 million (or 8%) during
the quarter which was offset by decreases in higher cost time
deposits. Non-interest bearing deposits now represent approximately
30% of total deposits at March 31,
2012, compared to 28% at December 31,
2011.
- Non-performing assets that were not covered by Loss Share
Agreements were reduced by $5.6
million or 16% during the quarter ended March 31, 2012 to $28.4
million (or 2.03% of total assets) from approximately
$34.0 million (or 2.39% of total
assets) at December 31, 2011.
Total non-performing assets, including those covered by loss share
agreements, were $50.9 million (or
3.63% of total assets) at March 31, 2012 as compared to
$57.0 million (or 4.01% of total
assets) at December 31, 2011, a
decrease of $6.1 million.
- Total risk-based capital ratio, Tier 1 capital ratio, and
leverage ratio for 1st United at March 31, 2012 were 25.10%, 23.84% and 11.78%,
respectively, and exceeded all regulatory requirements for "well
capitalized."
Operating Results
Net income of $780,000 for the
quarter ended March 31, 2012 was
impacted by:
- Net interest margin was 4.73% for the quarter ended
March 31, 2012. Approximately
$1.6 million or 53 basis points of
the March 31, 2012 margin related to
accretion related to resolutions of loans above their carrying
values during the quarter. The Company recorded a charge in other
income for a similar amount to reduce the FDIC loss share
receivable. Exclusive of this accretion, 1st United's margin would
have been approximately 4.20%.
- Personnel, information technology and facilities costs and
merger reorganization expense that related to the integration of
Old Harbor for the quarter ended March 31, 2012 was
approximately $574,000.
- Included in non-interest income were losses on the sale of
other real estate owned of approximately $25,000 during the quarter related to the
disposal of approximately $2.3
million of other real estate owned. The Company also
incurred additional write downs on existing real estate owned of
$264,000 during the quarter.
- Gains on the sale of securities of $498,000 were realized for the quarter ended
March 31, 2012.
- The provision for loan losses was $1.3
million for the quarter ended March
31, 2012.
Management Comments:
"We are excited with our continued growth in core deposits and
the quality of our deposit mix," said Warren S. Orlando, Chairman. "During the
quarter ending March 31, 2012, we
completed the integration of Old Harbor and on April 1, 2012 we announced completion of our
merger of Anderen Bank. We continue to believe that our
strong capital base, liquidity and overall financial strength will
allow us the opportunity to continue to expand both organically as
well as through potential acquisitions."
"Though impacted by acquisition and integration costs as well as
ongoing provisioning and other real estate write-downs, we are
pleased with our core earnings for the quarter ended March 31, 2012. In addition, during the quarter
ended March 31, 2012 funding of new
loans exceeded resolutions and payoffs related to our non-loss
share loan portfolio. Overall our loan portfolio was down
slightly primarily due to the rapid resolution and payoffs of loss
share loans. During the quarter ended March 31, 2012, we had new loan production of
$41 million and our backlog continues
to remain strong as we continue to make progress towards net loan
growth," said Rudy E. Schupp, Chief
Executive Officer. "We also believe our continued expansion
in the central Florida market will
provide additional growth opportunities for the company. We
anticipate integrating the former Anderen Bank operation by the end
of the second quarter."
"We are encouraged with our overall reduction in non-performing
assets during the quarter. Combined with this reduction we are
seeing some stability in classified assets as well as past due
loans, though we continue to believe there will be fluctuations in
these areas until the overall market improves. In addition, we are
continuing to provide loan reserves to cover the challenges of new
and often lower appraised values of collateral.
We remain vigilant and will continue to monitor asset quality
and act quickly to resolve problem assets as they are identified,"
said John Marino, President and
Chief Financial Officer.
For interested persons, 1st United will be hosting an
investor call to review the quarterly results at 10:00 a.m. Eastern Daylight Savings Time on
Friday, April 27, 2012. The
number for the conference call is (800) 857-9849 (Passcode:
First United). A replay of the conference call will be
available beginning the afternoon of April
27, 2012 until May 11, 2012 by
dialing (888) 678-8552 (domestic), using the passcode 1423.
About 1st United Bancorp, Inc.
1st United is a financial holding company
headquartered in Boca Raton,
Florida. 1st United's principal subsidiary,
1st United Bank, is a Florida chartered commercial bank, which now
operates 15 branches in Southeast
Florida, including Brevard,
Broward, Indian River, Miami-Dade, and Palm
Beach Counties and 8 branches in Central Florida including Hillsborough, Orange, Pasco
and Pinellas Counties.
1st United's principal executive office and mailing
address is One North Federal Highway, Boca Raton, FL 33432 and its telephone number
is (561) 362-3431. 1st United's stock is listed on
the NASDAQ Global Select Market under the symbol "FUBC".
Forward Looking Statements
Any non-historical statements in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on current plans and
expectations that are subject to uncertainties and risks, which
could cause 1st United's future results to differ
materially. The following factors, among others, could cause
our actual results to differ: our ability to integrate the business
and operations of companies and banks that we have acquired, and
those that we may acquire in the future; the failure to achieve
expected gains, revenue growth, and/or expense savings from future
acquisitions; our need and our ability to incur additional debt or
equity financing; the strength of the
United States economy in general and the strength of the
local economies in which we conduct operations; the accuracy of our
financial statement estimates and assumptions, including the
estimate of our loan loss provision; the effects of harsh weather
conditions, including hurricanes, and man-made disasters;
inflation, interest rate, market, and monetary fluctuations; the
effects of our lack of a diversified loan portfolio, including the
risks of geographic and industry concentrations; the frequency and
magnitude of foreclosure of our loans; legislative and regulatory
changes, including the Dodd-Frank Act; our ability to comply with
the extensive laws and regulations to which we are subject; the
willingness of clients to accept third-party products and services
rather than our products and services and vice versa; changes in
securities and real estate markets; increased competition and its
effect on pricing; technological changes; changes in monetary and
fiscal policies of the U.S. Government; the effects of security
breaches and computer viruses that may affect our computer systems;
changes in consumer spending and saving habits; growth and
profitability of our non-interest income; changes in accounting
principles, policies, practices or guidelines; anti-takeover
provisions under federal and state law as well as our Articles of
Incorporation and our Bylaws; and our ability to manage the risks
involved in the foregoing. These factors, as well as
additional factors, can be found in our periodic and other filings
with the SEC, which are available at the SEC's internet site
(http://www.sec.gov). Actual results may differ materially from
projections and could be affected by a variety of factors,
including factors beyond our control. Forward-looking statements in
this press release speak only as of the date of the press release,
and 1st United assumes no obligation to update
forward-looking statements or the reasons why actual results could
differ.
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For the
three month period ended
March 31,
|
|
|
|
2012
|
|
2011
|
|
INCOME
STATEMENT DATA
(unaudited)
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|
|
(Amounts
in thousands, except per share data)
|
|
Interest
income
|
|
$
|
15,888
|
|
$
|
14,681
|
|
Interest
expense
|
|
|
1,437
|
|
|
1,724
|
|
Net interest income
|
|
|
14,451
|
|
|
12,957
|
|
Provision
for loan losses
|
|
|
1,300
|
|
|
1,900
|
|
Net interest income after provision for loan
losses
|
|
|
13,151
|
|
|
11,057
|
|
Other non
interest income
|
|
|
280
|
|
|
729
|
|
Non
interest expense
|
|
|
12,176
|
|
|
11,191
|
|
Income
before taxes
|
|
|
1,255
|
|
|
595
|
|
Income tax
expense
|
|
|
475
|
|
|
240
|
|
Net income
|
|
$
|
780
|
|
$
|
355
|
|
|
|
|
|
|
|
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PER
SHARE DATA
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|
|
|
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|
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Basic and diluted earnings per share
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$
|
0.03
|
|
$
|
0.01
|
|
Book value per common share
|
|
|
6.98
|
|
|
6.87
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|
|
|
|
|
|
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SELECTED OPERATING RATIOS
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|
|
|
|
|
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Return on average assets
|
|
|
0.22
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%
|
|
0.12
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%
|
Return on average shareholders' equity
|
|
|
1.44
|
%
|
|
0.81
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%
|
Net interest margin
|
|
|
4.73
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%
|
|
4.90
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%
|
|
|
|
|
|
|
|
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Average assets
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|
$
|
1,402,906
|
|
$
|
1,248,478
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|
Average shareholders' equity
|
|
$
|
216,784
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|
$
|
177,717
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|
|
|
|
|
|
|
|
|
Number of shares of outstanding common
stock
|
|
|
30,914,166
|
|
|
29,807,603
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|
|
|
|
|
|
|
|
|
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SELECT
FINANCIAL DATA
(unaudited)
|
|
March
31,
2012
|
|
December
31,
2011
|
|
|
|
(Amounts
in thousands, except per share data)
|
|
|
|
|
|
|
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BALANCE SHEET DATA
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Total assets
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$
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1,400,801
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$
|
1,421,247
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|
Total Loans
|
|
|
867,898
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|
|
880,777
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|
Allowance for loan losses
|
|
|
12,366
|
|
|
12,836
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|
Net loans
|
|
|
855,567
|
|
|
867,994
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Cash and cash equivalents
|
|
|
135,796
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|
|
165,424
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|
Securities available for sale
|
|
|
219,248
|
|
|
201,722
|
|
Other real estate owned
|
|
|
13,385
|
|
|
13,512
|
|
Goodwill and other intangible assets
|
|
|
55,086
|
|
|
55,229
|
|
FDIC loss share receivable
|
|
|
66,210
|
|
|
71,900
|
|
Deposits
|
|
|
1,165,365
|
|
|
1,181,708
|
|
Non-interest bearing deposits
|
|
|
354,038
|
|
|
329,283
|
|
Shareholders' equity
|
|
|
215,878
|
|
|
215,351
|
|
|
|
|
|
|
|
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SELECTED ASSET QUALITY DATA, CAPITAL AND ASSET
QUALITY RATIOS
|
|
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Equity/assets
|
|
|
15.41
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%
|
|
15.15
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%
|
Non-accrual and loans past due greater than 90 days
loans/total loans
|
|
|
4.32
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%
|
|
4.94
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%
|
Allowance for loan losses/total loans
|
|
|
1.42
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%
|
|
1.46
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%
|
Allowance for loan losses/non-accrual
loans
|
|
|
32.98
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%
|
|
29.97
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%
|
Leverage ratio
|
|
|
11.78
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%
|
|
11.79
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%
|
Tier 1 risk based capital
|
|
|
23.84
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%
|
|
23.97
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%
|
Total risk based capital
|
|
|
25.10
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%
|
|
25.23
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%
|
|
|
|
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|
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SOURCE 1st United Bancorp, Inc.